@Sam Renaud Little light on expenses. I use a total of 23% for vacancy,repairs and capex. Capex is the most under estimated expense for beginning investors. example new floors today. 1200 sf @ $6 sf to replace=$7200/8 year life span/12 months in a year=$75 per month for 1 item in capex. oh oh it has already exceeded your capex budget. Roof 25 years.appliances 12 years,hot water heater 12 years,hvac 20 years,etc. No property management.
@Tim Herman the roof is newer I neglected to mention, but thanks for the input on life cycles for the appliances and flooring!